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Brunswick boat group buys Attwood Marine

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Old 09-02-2003, 11:38 AM
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TulsaLarry
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Default Brunswick boat group buys Attwood Marine

09/02 9:13A (DJ) PRESS RELEASE: Brunswick Acquires Boat Parts and Accessories
Business of Attwood
Story 2865 (BC, SCS, I/ENT, I/FTR, I/HMF, I/MRE, I/OMF, I/REC, I/REQ...)
Brunswick Acquires Boat Parts and Accessories Business of Attwood

LAKE FOREST, Ill., Sept. 2 /PRNewswire-FirstCall/ -- Brunswick Corporation
(NYSE: BC) announced today that it has acquired the marine product business of
Attwood Corporation, a leading manufacturer of marine hardware and accessories
and a subsidiary of Steelcase Incorporated (NYSE: SCS), for approximately
$47.9 million in cash. Lowell, Mich.-based Attwood, with annual sales of
approximately $56 million, will be part of the Brunswick Boat Group's Parts
and Accessories business.
"Attwood is among the largest and most respected marine parts manufacturers
in North America, which will immediately give us a significant presence in
this market," said George W. Buckley, chairman and chief executive officer of
Brunswick Corporation. "Participating in the boat parts and accessories (P&A)
segment achieves a number of strategic objectives. It facilitates our efforts
to integrate boat and engine design and engineering. It also enables us to
offer a higher level of service to our dealers. In addition, it provides
Brunswick a chance to increase sales as well as an attractive profit
opportunity for Brunswick and our dealers as after-market P&A traditionally
offers higher-margins."
"As with our recent acquisition of Land 'N' Sea, Attwood is a key element in
our goal of building a dedicated boat P&A business," explained Dustan E.
McCoy, president of the Brunswick Boat Group. "Our strategy is to focus on
delivering to Attwood customers -- dealers and independent repair shops,
warehouse distributors, retailers, and original equipment manufacturers --
superior parts and service support. Further, Attwood's in-house component
design and engineering capabilities will enable us to develop a line of
proprietary P&A for our Brunswick boat brands and dealers."
"In addition, Attwood has used vendors from around the globe for 25 years to
produce its own designed and engineered products," McCoy said. "We believe
these relationships will make our current global sourcing initiatives even
more effective. Combined with Land 'N' Sea's broad distribution network,
Attwood will be a great addition to the Boat Group's P&A business."
"Attwood's strong sales, marketing and customer service, product quality and
operations were very compelling," added Randy Gray, vice president and general
manager of Brunswick Boat Parts and Accessories. "Attwood is ISO 9001
certified and has solid operations and warehousing systems, including lean
manufacturing practices and highly efficient pick-and-ship capabilities. Our
plans are to solidify and integrate Attwood's operations into the Brunswick
Boat Group as swiftly and efficiently as possible."

About Brunswick
Headquartered in Lake Forest, Ill., Brunswick Corporation endeavors to
instill "Genuine Ingenuity"(TM) in all its leading consumer brands, including
Mercury and Mariner outboard engines; Mercury MerCruiser sterndrives and
inboard engines; Teignbridge propellers; MotoTron electronic controls;
Northstar marine electronics; Navman GPS-based products; IDS dealer management
systems; Sea Ray, Bayliner, Maxum, Hatteras, Meridian and Sealine pleasure
boats; Baja high-performance boats; Boston Whaler and Trophy offshore fishing
boats; Princecraft fishing, deck and pontoon boats; Attwood marine parts and
accessories; Land 'N' Sea parts and accessories distribution; Life Fitness,
Hammer Strength and ParaBody fitness equipment; Brunswick bowling centers,
equipment and consumer products; Brunswick billiards tables; and Valley-Dynamo
pool, table hockey and foosball tables. For more information, visit
www.brunswick.com .


(END) Dow Jones Newswires
 
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Old 09-02-2003, 03:15 PM
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Congrats to Brunswick, hopefully it was a win - win for both parties.
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